Luxury hotels suffer in the accommodation squeeze

The Luxurious Monarch Hotel, which was supposed to hit the auction floor on September 28, has been withdrawn from auction by the Industrial Development Corporation (IDC). The hotel will remain standing empty until the IDC decides what to do with it, according to Warren Aronson of Auction Alliance. For more on the Monarch Hotel see http://www.rosebank.co.za/view/index/monarch_on_auction/62/1/134